Topsy curvy
Hawkish remarks by the central bank governor and a rethink in the way inflation is calculated created a rocky trading environment in South African rates earlier this year, catching virtually everybody in the market by surprise. By Mark Pengelly
South Africa has been mostly spared the torrid conditions experienced elsewhere across the globe during the past year, a result of the credit contagion spread by souring US subprime mortgages. The local fixed-income market, however, has been far from quiet.
A series of surprise events has seen interest rates shoot up and down in recent months. From the end of May, hawkish remarks by the central bank governor, combined with a rethink in the way inflation is calculated - and an ensuing war of
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